Section 374(12) in Rules under the United Provinces Excise Act, 1910
(12)When, after due weight has been given to the foregoing considerations, a bid has been finally or provisionally accepted at an auction, no subsequent offers in respect of the same engagement should be considered. The practice of nominally accepting a bid made at auction and then negotiating privately with other competitors for higher offers is legally indefensible, and in all respects objectionable. If an adequate price is offered by the highest suitable bidder, it should be accepted, otherwise the lot should be withdrawn for re-sale at a subsequent date or for settlement by tender. Competitors must be given to understand that when a bid is once accepted the matter cannot be reopened, and that they must be prepared to go to the full extent they propose to offer before the close of the auction.
